Quote from: sindikat on March 15, 2018, 11:47:01 AM

Quote from: Lucius on March 15, 2018, 11:34:18 AM

Quote from: tee-rex on March 14, 2018, 06:43:56 PM

Quote from: Lucius on March 14, 2018, 11:31:35 AM

They've already banned all crypto exchanges in country,now they are working on the methods how to prevent Chinese citizens to use international exchanges.Only thing working in China regarding cryptocurrency is mining,they allow that just because it make huge profit for them.Money that comes to country is not a problem, but uncontrollable cash outflow through cryptocurrency is unacceptable.

Well, I have to confess I never understood that thing. Could anyone please explain to me in layman terms what this "uncontrollable cash outflow" means in practice? I understand when people buy gold and try to move it across the border because it physically leaves the country. But bitcoin is sort of transcendental in the sense it doesn't recognize borders anyway. So it kinda doesn't need to be moved anywhere since it's already everywhere, Jinping or no Jinping. Where's the catch here?

I think the explanation is very simple,at least for me.When some Chinese wants to move money (CNY) from China to another country they simple buy BTC or some other cryptocurrency,it is easy,safe and effective way of sending money without government knows where and how much money you sending.Since they can not control such transactions only way to stop people to convert CYN in crypto was to ban exchanges.If average Chinese can not buy BTC today,this means government has succeeded in its intention.

China is trying its best to protect its domestic investment. Governments of other countries do the same. This is less evident because other governments are more democratic and cannot act by direct means. It is sad but I have to admit that China's policies in respect of the cryptocurrency will not change. This is evidenced by the vote at the Chinese people's Assembly for a life sentence for XI Jinping.

What do you mean by 'domestic investment'? How bitcoin makes this investment suffer? If no money nor brains leave China, and in fact nothing material and worthy of note, then I don't see a lot of logic in statements like governments are banning bitcoin because they want to prevent 'uncontrollable cash outflows through cryptocurrencies'. Guys, are you sure you are not as confused as myself deep inside?